FX.co ★ EUR/NZD : analysis for November 26, 2014

Overview:

In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5999 in an average volume. According to the 4H time frame, we can oberve an absorption volume like we expected. Our Fibonacci retracement 38.2% at the price of 1.5945 is on the test. If the price breaks the level of 1.5945 in a high volume and strong price action, we may see potential testing the level of 1.6135. Be careful when selling EUR/NZD since we got absorption volume in the background. Watch for potential buying opportunities on the lows.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6003

R2: 1.6050

R3: 1.6126

Support levels:

S1: 1.5851

S2: 1.5804

S3: 1.5728

Trading recommendations: Be careful when selling EUR/NZD since we got a strong absorption volume in the background.